The company, which didn’t reach the same level of total production until 31 years after it launched, made its first discovery in the region 8 years ago.
Currently the presalt has 25 production wells—compared with the company’s 4,000 wells when it reached the 500,000 b/d mark in total production in 1984—and accounts for 22% of the company’s total production. Petrobras estimates that the region will account for more than 50% of total production by 2018.
Petrobras expects further increases in production supplied by the Cessao Onerosa production area, where surplus volumes range 9.8-15.2 billion bbl, according to estimates from Brazil’s National Oil, Gas, and Biofuels Agency (ANP).
The operation was approved on June 24 by Brazil’s National Energy Policy Council (CNPE), and production in the area is set to commence in 2021, the company says. Petrobras has already drilled 17 wells in Buzios, around Iara, Florim, and Northeast Tupi. Twelve have been tested at a 100% success rate.
The company emphasizes that the areas’ low exploratory risk and the company’s operational presence will generate $18 billion in savings on discoveries during 2015-21.
Petrobras plans to produce an average of 4 million b/d during 2020-30.